Monaco’s Regulatory Bodies Tackle AML/CTF and Corruption with Success

The Principality of Monaco has been at the forefront of combating money laundering, terrorist financing, and corruption (AML/CFT-C) both nationally and internationally for years. In line with international standards set by the Financial Action Task Force (FATF), Monaco has implemented a comprehensive legislative package to ensure legal security for financial transactions.

A Strong Legal Framework

Since the first anti-money laundering law was enacted in 1993, Monaco’s legal framework has undergone numerous amendments and strengthenings to adapt to evolving best practices and guarantee a level of legal security in line with that of a modern banking centre. The country’s robust regulatory framework is designed to ensure the integrity of its financial system.

Effective Implementation through SICCFIN

To effectively implement the AML/CFT-C mechanism, Monaco has established the Service d’Information et de Contrôle sur les Circuits Financiers (SICCFIN), a financial investigation unit. SICCFIN is a member of the Egmont Group, an organization comprising over 130 countries’ financial intelligence units. The agency has also signed around thirty cooperation agreements with foreign counterparts.

International Cooperation

Monaco regularly participates in the work of European regulatory bodies specializing in AML/CFT-C, such as MONEYVAL Experts’ Committee and the Group of States against Corruption (GRECO). This international cooperation enables Monaco to stay up-to-date with the latest developments in the field and to share best practices with other countries.

Success in Tackling AML/CTF and Corruption

With its robust regulatory framework and international cooperation, Monaco has successfully tackled money laundering, terrorist financing, and corruption, solidifying its reputation as a modern and attractive banking centre. The country’s commitment to combating financial crimes has earned it recognition as a leader in the field.